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The price of Binance Coin-BNB rose to regain its fourth place in the ranking of digital currencies in terms of market capitalization after surpassing Solana-SOL, which was more affected by the general declines in the crypto market. According to data from CoinMarketCap, the price of BNB decreased by 5% during the last 24 hours, bringing its market value to $81.3 billion, while the price of SOL declined by more than 10%, bringing its market value to $75 billion.
Is BNB gaining a higher position in the ranking of digital currencies a positive indicator of its future prospects? Let's explore the factors that can influence its market currently.
BNB price forecast and what is its next stop?
The price of Binance Coin decreased by approximately 8% compared to its highest levels recorded in July, reaching $558 recently, and this decline comes amid a bearish wave that has spread across the digital currency markets over the past few days.
Recent weeks have witnessed a decline in the chances of former US President and strong supporter of digital currencies, Donald Trump, in the betting markets to regain the presidency in the elections scheduled for next November.
This is due to the successful start of US Vice President Kamala Harris' (NYSE:LHX) presidential campaign, which boosted her chances of winning. This, in addition to the potential impact of escalating tensions in the Middle East, may have a negative impact on the overall mood of the crypto markets.
It is noteworthy that the increase in the supply of Bitcoin as a result of the potential sales by the US government and the start of the process of repaying the balances of creditors of the Mt.Gox platform is likely to negatively impact the general mood of the market. On the other hand, it is also likely that the exit of investments from Grayscale's Ethereum exchange-traded fund will continue to put pressure on the price of ETH, and therefore these factors may cause an overall negative impact on the assets of the entire sector.
The BNB price chart reveals increasing pressure that may push it to break its support level of $557. If such a scenario occurs, the wave of declines may extend to touch the level of the 200-day moving average line (DMA-200) and perhaps retest the lows recorded recently at $450.
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